October 19, 2012 (Shirley Allen)
Interest rates for fixed rate mortgages fell back to their near record lows this week while interest rates on adjustable rate mortgages moved slightly higher according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending October 18th.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages slipped back to their near record lows with the 30-year fixed rate averaging 3.37 percent with an average of 0.7 points, down from an average of 3.39 percent last week. It was the 30th consecutive week that mortgage rates have been under four percent. A year ago, the 30-year fixed rate mortgage averaged 4.11 percent.
Average 30-year rates remained the lowest in the Western portion of the United States while the highest rates were reported in the Southeastern, Southwestern and Northeastern areas of the country.
The 15-year fixed rate mortgage averaged 2.66 percent with an average of 0.6 points, up from an average of 2.70 percent last week. Mortgage rates for the 15-year fixed mortgage have been under three percent for 20 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.37 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable-rate mortgages were slightly higher this week with the 5-year Treasury-indexed hybrid ARM averaging 2.75 percent, with an average of 0.6 points, up from last week’s average of 2.73 percent. The 5-year adjustable rate mortgage averaged 3.01 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.60 percent with an average of 0.4 points, up from 2.59 percent last week. A year ago, the 1-year adjustable rate mortgage averaged 2.94 percent.
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.6||0.7||0.6||0.7||0.7|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.6||0.7||0.5||0.6||0.7|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.5||0.7||0.5||0.7||0.5|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.4||0.5||0.5||0.3||0.4||0.3|
|The National Mortgage Rate Snapshot||One Year Ago||One Week Ago|
|30-YR||15-YR||5/1-YR||1-YR ARM||30-YR||15-YR||5/1-YR||1-YR ARM|
|Fees & Points||0.8||0.8||0.6||0.6||0.7||0.6||0.6||0.4|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury